|
|
|
- There are two ways that people approach reputation managment: 1) from a marketing communications perspective, believing that good reputations are the result of good public relations and advertising; and 2) from a holistic approach, believing that reputations are the result of an integrated management approach by companies focusing on doing the right things for the right stakeholders over time. I favor the holistic approach. Corporate reputation is everyone's job--it is far too important to be left to any one organization or functional group within the company.
- Reputations are built upon actions, not words. Every company claims to be the best, but most cannot deliver on the claims. It is not what you claim, but rather what you do that builds reputations. Employees need to understand how to fulfill the Promise of the corporation's desired reputation, so that Experience of key stakeholders is equal to the Promise. Many companies need to consider employee culture change or alignment programs as part of reputation management activities. Reputations are not built only on image, but also on experience -- your own, the experiences of others, or hearsay;
- While good financial results may help establish a good reputation, concentrating only on financial results will not sustain a company's reputation. Employee and customer satisfaction and loyalty can drive shareholder value, but shareholder value will not drive employee and customer loyalty. Stock price is the result of doing things right; it should not be the sole aim and measure of reputation.
- Sustainable Reputation Management is a process I have developed which establishes a management process to build and sustain reputations over time. The key focal points should be on the three core assets of every company: Employee Value; Relationship Value; and Financial Value. There is a relationship among the perceived quality of a company's management and employees; its relationships with customers, communities, governments, media and others; and its financial performance;
- Companies need to determine their vision and objectives for each of these reputational assets and establish their comparative value with key stakeholders;
- Companies can determine how to proceed with their reputation and brand strategies by utilizing the Brand Strategy Framework(c;
- Alliances and partnerships can often provide greater value than a merger. Using a Partnership Get/Give Analysis (c), companies can judge the potential value of partnerships and the potential impact on their own brands;
- Driving reputation exclusively through marketing and communications will be short-lived, as will driving reputation primarily through stock price. Reputational sustainability comes from having a balanced approach to employees, external relationships and financial performance;
- If you would like to read more about these topics, please send me an e-mail and I will send you some papers I have written on the topic.
|
|
|
|
|
|
|
